Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
European Commission:
Study on the feasibility of alternative methods for improving and simplifying the collection of VAT through the means of modern technologies and/or financial intermediaries
Here on ET: Beyond Paper: Mobile Money (by ChrisCook on March 17th, 2010)
Such credit clearing has been routine between tens of thousands of Swiss businesses since 1934 on the WIR credit clearing system. More recently, in Ecuador, the FactoRepo system currently under development will enable VAT-registered businesses to discount their invoices directly with the Central Bank and thereby free up working capital. Neither Swiss Francs nor Dollars, respectively, actually change hands in these systems: instead credit obligations of businesses (trade credit) is simply used in payment of other obligations within a framework of trust, the WIR's being private, and FactoRepo's, public. The Swiss Franc and the Dollar are used only as the pricing reference or value standard.
But hey, evidently
This is a highly technical and specialised area and I'm not sure we're equipped to make a significant contribution.

Of all the ways of organizing banking, the worst is the one we have today — Mervyn King, 25 October 2010
by Migeru (migeru at eurotrib dot com) on Sat Dec 18th, 2010 at 03:35:07 AM EST
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